Credit Card Securitization

Citibank's inaugural credit card securitization dates from November 1988. Since then, Citibank has distinguished itself in the credit card securitization market by its innovativeness. Citibank was the first bank credit card ABS issuer to apply many now-familiar and standard structural features: bullet principal repayment, credit enhancement via Class B subordinated securities, single-seller commercial paper (CP) program, non-USD denominated securities issuance, and de-linked subordinated securities.

Credit card securitization is an important source of funding for Citibank. The securitization market has been reliable across market cycles, and has provided liquidity out to 30 years. The proportion of funding raised through securitization may vary due to a variety of factors, including Citibank’s funding and liquidity requirements and use of other funding sources.